THE IMPACT OF DIGITAL CURRENCIES AND BLOCKCHAIN TECHNOLOGIES ON THE DEVELOPMENT OF FINANCIAL SYSTEMS AND THE CENTRAL BANK’S STRATEGY FOR PAYMENT INFRASTRUCTURE MODERNIZATION

This article examines how digital currencies (including central bank digital currencies (CBDCs)) and blockchain/tokenization technologies are transforming the architecture of financial systems and shaping the strategic priorities of central banks in modernizing their payment infrastructure. The object of the study is national and cross-border payment systems and the settlement infrastructure that facilitates the circulation of central bank and private money. It also examines the mechanisms by which (i) CBDCs, (ii) asset tokenization and programmable platforms, (iii) stablecoins and other forms of digital money influence the efficiency, security, competition, and resilience of the payment environment, as well as the central bank’s toolkit (money design, settlement operating models, regulation, and risk management). The aim of the study is to develop an evidence-based framework for assessing the conditions under which digital currencies and tokenization enhance the efficiency and resilience of payments, and under which they create systemic risks and require adjustments to the infrastructure modernization strategy. The methodology includes comparative and logical-structural analysis, content analysis of official reports, and the author’s operationalization of the channels of effect: payment process performance (speed/cost/availability), monetary and payment “sovereignty”, financial stability (risks of disintermediation and digital “raids”), cyber resilience, interoperability, and cross-border settlements. The empirical part is based on comparable indicators for the latest available sample: the results of a global survey of central banks on CBDC stages [1] and monitoring of the G20/FSB cross-border payments roadmap KPIs [2]. It is shown that, despite high institutional involvement (91% of central banks in the sample), an asymmetry of stages is observed: wholesale initiatives are, on average, further advanced than retail ones, while cross-border retail payments KPIs demonstrate a persistent gap with cost targets and ambiguous dynamics in speed [1; 2]. The practical significance lies in the formulation of strategic conclusions for the central bank: modernization requires a portfolio approach combining evolutionary measures (standards, interoperability) and architectural experiments (wholesale CBDC/tokenization) with strict risk management and evidence of impact.